ESPN has agreed to a massive television rights deal with the NCAA worth more than $115 million per year, the company announced Thursday.
The eight-year deal is nearly triple the value of the current 14-year contract that pays $40 million per year. On top of that, an additional 25%, or $28.75 million per year, will go towards production and marketing costs, per a spokesperson.
The deal goes into effect on September 1 and runs through 2032. It grants ESPN the television rights to 40 NCAA championship events, including 21 women’s and 19 men’s events.
SpaceX has sued the National Labor Relations Board in response to accusations that the company fired employees critical of CEO Elon Musk.
The NLRB filed a complaint Wednesday alleging SpaceX illegally fired eight employees who called Musk "a distraction and embarrassment” and accused him of making sexist comments in a 2022 open letter to the company.
Now, SpaceX has filed a suit in a Brownsville, Texas federal court arguing that the complaint violates the US Constitution and thus should be blocked.
Meanwhile, shares of Walgreens Boots Alliance Inc (NASDAQ:WBA) fell more than 5% after the company cut its quarterly dividend by nearly 50% alongside its quarterly results before the opening bell.
The cut to $0.25 per share from $0.45 per share was done to “strengthen [its] long-term balance sheet and cash position,” CEO Tim Wentworth said in a statement.
Elsewhere, MongoDB Inc (NASDAQ:MDB)'s 108% stock-price gain in 2023 has its shares now matching the peak forward revenue multiple of about 16 times over the last two years, prompting UBS analysts to caution investors to take their "foot off the accelerator".
In an update to clients, they downgraded MongoDB stock to ‘Neutral’ from ‘Buy’ while cutting their price target to $410 per share from $475.